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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DBA Chubb Limited | NYSE:CB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.71 | -0.68% | 248.54 | 250.45 | 244.84 | 248.93 | 1,444,710 | 01:00:00 |
ZURICH, Aug. 18, 2017 /PRNewswire/ -- Chubb Limited (NYSE: CB) today announced that its U.S.-based subsidiary Chubb INA Holdings Inc. (the "Issuer") has received the Requisite Consents (as defined below) pursuant to the consent solicitation (the "Consent Solicitation") from holders of record as of 5:00 p.m. Eastern Daylight Savings Time on August 11, 2017 of its 6.8% Debentures due 2031 (CUSIP No. 171232AE1) (the "Debentures") to terminate, in accordance with its terms, the replacement capital covenant dated as of March 29, 2007 entered into originally by The Chubb Corporation ("Chubb Corp."). The Issuer is successor by merger to Chubb Corp. The Consent Solicitation expired at 5:00 p.m. Eastern Daylight Savings Time on Friday, August 18, 2017 (the "Expiration Time").
The Issuer received and accepted Consents from holders of in excess of a majority in aggregate principal amount of the Debentures (the "Requisite Consents") prior to the Expiration Time. In accordance with the terms of the Consent Solicitation and the replacement capital covenant, the termination of the replacement capital covenant was effective upon acceptance by the Issuer of the Requisite Consents.
All holders who validly delivered their Consents by the Expiration Time will receive a consent fee of $10 in cash per $1,000 in principal amount of the Debentures as to which such Consents were validly delivered (the "Consent Fee"). The Issuer intends to pay the Consent Fee to eligible holders on Monday, August 21, 2017.
Inquiries may be addressed to the Information and Tabulation Agent for the Consent Solicitation, Global Bondholder Services Corporation, at (212) 430-3774 (banks and brokers) and (866) 807-2200 (toll-free).
Citigroup Global Markets Inc. was the Solicitation Agent for the Consent Solicitation. Questions regarding the Consent Solicitation may be directed to Citigroup Global Markets Inc. at (800) 558-3745 (toll-free) or (212) 723-6106.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/chubb-announces-receipt-of-requisite-consents-and-expiration-of-consent-solicitation-for-holders-of-chubb-ina-holdings-incs-68-debentures-due-2031-300506758.html
SOURCE Chubb Limited
Copyright 2017 PR Newswire
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